Market recap (changes on week):
- December corn down $.06 at $6.65
- November soybeans down $.06 at $14.05
- November soybean oil down 1.21 cents at 66.44 cents/lb
- November soybean meal down $19.50 at $414.10/short ton
- December wheat down $.26 at $8.14
- July wheat down $.12 at $8.41
Weekly Highlights:
- US weekly ethanol production was down 5 million gallons last week to 285 million gallons. This utilized 96 million bushels of corn.
- Soybeans crushed for crude oil in July was 181 million bushels compared to 174 million in June and 166 million last July. US soybean crush was extremely strong this past winter. The oil extraction rate increased in July from June.
- Corn consumed for fuel alcohol and other food and industrial uses was 500 million bushels in July- up 1% from June but down 1% from July 2021.
- Export sales reports continue to be delayed for the time being as USDA’s new export sales platform is experiencing technical difficulties. They expect to resume regular reporting on Thursday September 15.
- However, daily flash sales continue to be reported. In the last 6 trading days nearly 59 million bushels of soybeans have appeared in daily export sales. Sales were split evenly between China and unknown destinations.
- Open interest futures and options contracts for Chicago soft and hard winter wheat was flat on the week while Chicago corn open interest declined 7.1% and soybeans declined 6.1%. Managed money positions were up nearly 40,000 positions, the largest since January of this year. Managed money positions of soybeans and wheat were down.
- USDA’s Economic Research Service projects US farm income will grow by 7.3 billion in 2022 to 147.7 billion- a new record in nominal term and second highest behind last year in real 2022 dollars.
- Russian agriculture development designed to promote bilateral trade and investment in the agricultural sector. Primary commodities targeted for increased trade and production were soybeans, wheat, corn and meat.
- The start of the month brings private estimates for US corn and soybean yields. The theme was a shrinking US corn crop and a growing US soybean crop.
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